Customs officers visited the company to conduct research on the tax reduction process for imported equipment.
In the slightly chilly weather, workers at Shandong Jinbao Electronics Co., Ltd. are busy on the newly renovated and upgraded high-performance copper-clad laminate production line.
"Our production line urgently needed a semi-cured sheet cutting machine, which not only passed customs quickly but also enjoyed tax reductions, reducing the cost of workshop upgrades," said Wang Tiantang, the general manager of the company. He added that for the company, this was a significant cost-saving measure.
Shandong Jinbao Electronics Co., Ltd. is a key player in the domestic copper foil and copper-clad laminate industry. Its main product, copper-clad laminate, is widely used as a substrate material in the manufacturing of printed circuit boards, with applications in fields such as 5G communications, automotive electronics, and medical electronics.
"To seize the opportunity of the expanding high-end copper-clad laminate market in the rapidly developing global integrated circuit industry, the company planned to complete the upgrade of the copper-clad laminate production line by the end of October this year. The imported semi-cured sheet cutting machine is a key equipment for this production line," Wang Tiantang mentioned during a recent "Face-to-Face with Customs" event held by Yantai Customs, seeking assistance from the customs regarding the tax reduction policy for imported equipment.
To help the company expedite the customs clearance process for urgently needed equipment and reduce production costs, Yantai Customs promptly provided precise guidance on tax reduction application requirements and commodity descriptions. They also established a green service window for tax reduction approvals, designating a dedicated person to handle the tax reduction approval process. This ensured that the company was well-informed about the policies and could fully benefit from them. Furthermore, it helped to further shorten the tax reduction approval time and facilitated the early deployment of imported equipment by the company.
"The production line has now officially started operations, and the production capacity of high-end copper-clad laminate has increased by more than 3 million sheets, effectively meeting market demand and enhancing the company's competitiveness," Wang Tiantang noted.
Source: Yantai Customs Release
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